Mutual of Omaha has been one of America’s most recognized insurance brands for over 115 years. Backed by an A+ AM Best rating and a mutual company structure, their annuity lineup covers MYGAs, their first fixed indexed annuity (launched 2025), and one of the more customizable immediate annuity products on the market. If you already know the name from Medicare supplement ads, here is what to know about their annuity products.
Mutual of Omaha at a Glance
| Detail | Information |
|---|---|
| Full Legal Name | Mutual of Omaha Insurance Company (annuities issued by United of Omaha Life Insurance Company) |
| Founded | 1909 (United of Omaha: 1926) |
| Headquarters | Omaha, Nebraska |
| Ownership | Mutual company – policyholder-owned, no shareholders |
| AM Best Rating | A+ (Superior) – verify current rating at ambest.com |
| S&P / Moody’s | AA- / A1 |
| Total Enterprise Assets | ~$55 billion |
| Primary Products | MYGA, FIA (new 2025), SPIA |
| Issuing Entity (Annuities) | United of Omaha Life Insurance Company |
| State Availability | All 50 states (NY via Companion Life Insurance Company) |
Mutual of Omaha’s Financial Strength and Background
Mutual of Omaha was founded in 1909 in Omaha, Nebraska. Its annuity products are issued by the subsidiary United of Omaha Life Insurance Company – a distinction worth noting because your contract counterparty is United of Omaha, not the parent company directly. Mutual of Omaha maintains an A+ (Superior) AM Best rating, an AA- from S&P, and an A1 from Moody’s – all among the strongest in the industry.
As a mutual company, Mutual of Omaha has no outside shareholders. All profits stay within the enterprise or benefit policyholders. Total enterprise assets exceed $55 billion, with statutory surplus of $4.1 billion. Verify current ratings at ambest.com before any transaction. New York residents should be aware that United of Omaha is not licensed in New York – their annuity products in that state are issued through Companion Life Insurance Company with a more limited product lineup.
What Annuity Products Does Mutual of Omaha Offer?
Mutual of Omaha’s annuity lineup, issued through United of Omaha, includes:
- Ultra-Premier MYGA (5 and 7-year) – Guaranteed fixed rate for the full contract term. $25,000 minimum premium. 10% annual free withdrawal provision.
- Ultra-Secure Plus MYGA (5 and 7-year) – Lower minimum of $5,000, making it accessible for smaller allocations. A 0.15% bonus rate applies on balances of $50,000 or more.
- Ultra Advantage FIA (launched 2025) – Mutual of Omaha’s first fixed indexed annuity. Surrender periods of 3, 4, 5, 7, or 10 years. Cumulative free withdrawal up to 10% in year one; any unused portion carries forward up to a 25% cumulative total. Principal protection. Optional Guaranteed Lifetime Withdrawal Benefit (GLWB) rider available. Not available in California, New York, or the U.S. Virgin Islands.
- Ultra-Income Immediate Annuity (SPIA) – Single premium immediate annuity with multiple payout options. Optional cost-of-living adjustment (COLA) rider. Optional benefit increase triggered by qualifying medical conditions – a distinctive feature for buyers concerned about long-term care costs.
No rate data found for this carrier at this time.
For a detailed look at the United of Omaha product lineup including current MYGA rates, see our dedicated United of Omaha review.
Who Is Mutual of Omaha Best For?
- Brand-familiar buyers aged 60-75 who recognize the Mutual of Omaha name and want a product from a carrier they already trust.
- MYGA buyers with smaller allocations – the $5,000 minimum on Ultra-Secure Plus is one of the lowest in the market for an A+ rated carrier.
- Retirees who want SPIA income with a medical benefit trigger – the Ultra-Income SPIA’s benefit increase option for qualifying medical conditions is a differentiating feature.
- FIA buyers who want flexible surrender periods – the Ultra Advantage allows you to select the surrender period that fits your timeline (3 to 10 years).
Mutual of Omaha is not ideal for New York residents (limited product access via Companion Life), California buyers seeking the FIA product (not available in CA), or anyone looking for a variable annuity or RILA.
Mutual of Omaha Pros and Cons
Pros
- A+ AM Best, AA- S&P, A1 Moody’s – top-tier financial strength
- Mutual company structure – no shareholder pressure, profits stay in-house
- Low minimum premium on Ultra-Secure Plus ($5,000)
- Carryover withdrawal feature on FIA – unused free withdrawals roll forward up to 25%, buyer-friendly
- SPIA with medical benefit trigger – rare feature in the immediate annuity market
- 115-year brand recognition – familiar to the target annuity-buying demographic
Cons
- FIA launched in 2025 – no track record yet on indexed crediting, income rider administration, or claims processing at scale
- Not available in New York via United of Omaha – NY buyers must use Companion Life with a narrower lineup
- FIA not available in California
- No variable annuity or RILA
- Limited consumer-facing product transparency – details require contacting an agent
Frequently Asked Questions About Mutual of Omaha
Are Mutual of Omaha annuities issued by Mutual of Omaha directly?
No. Mutual of Omaha annuity products are issued by United of Omaha Life Insurance Company, a wholly owned subsidiary. United of Omaha carries the same A+ AM Best rating. New York residents are handled through Companion Life Insurance Company. Your contract will name United of Omaha as the issuing company. Review current ratings for United of Omaha specifically at ambest.com.
Is Mutual of Omaha’s new FIA worth considering?
The Ultra Advantage has buyer-friendly features: flexible surrender periods, a cumulative free withdrawal carryover up to 25%, and an optional GLWB income rider. The main caveat is that it launched in 2025, giving it no historical track record on indexed crediting rates or income rider performance. For buyers who want a proven FIA carrier, compare against carriers with longer FIA histories using our rate comparison tool.
How do I buy a Mutual of Omaha annuity?
Mutual of Omaha annuities are sold through licensed independent agents and financial professionals. My Annuity Store can compare United of Omaha products alongside 20+ other carriers. Request a free quote or call 855-583-1104.
Other Annuity Companies to Consider
- United of Omaha Life Insurance Company Review
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